One MobiKwik Systems Ltd has received approval from the Reserve Bank of India (RBI) for a Non-Banking Financial Company (NBFC) licence, allowing it to expand into direct lending.
The company said the licence will be used to set up a new subsidiary, MobiKwik Financial Services Private Limited (MFSPL), which will handle its lending operations. However, the business can start only after the RBI issues a Certificate of Registration and certain conditions are met.
Lending push: With this move, MobiKwik will be able to offer both secured and unsecured loans to consumers and MSMEs, instead of relying only on partnerships. The company expects the in-house NBFC to accelerate product launches, improve margins, and give it greater control over credit underwriting and collections.
MobiKwik currently has over 186 million registered users and nearly 4.8 million merchants on its platform. It already distributes financial products such as credit, fixed deposits, mutual funds, and digital gold alongside its core payments business, including wallet and UPI services.
Expansion strategy: The NBFC approval comes as part of a broader push by the company to expand across financial services. In March 2026, its subsidiary received approval from the Bombay Stock Exchange to begin stockbroking operations after previously securing registration from the Securities and Exchange Board of India (SEBI). The move puts it in competition with platforms like Groww and Zerodha.
The latest approval also resolves earlier uncertainty around its NBFC plans. The company had set up MFSPL in April 2025 and infused capital into it in October 2025, but there was no clarity at the time on whether it had secured or applied for an RBI licence.
Why it matters: Until now, MobiKwik largely operated as a lending distributor in partnership with banks and NBFCs. The licence allows MobiKwik to move from a distribution-led lending model to a regulated lender with its own balance sheet, which could improve margins and strengthen its top-line growth. It also gives the company more control over credit pricing and risk.
The company has been targeting Tier 2 and Tier 3 markets, where access to formal credit remains limited and where fintech-led lending is expanding.
The move comes as other fintechs are also seeking similar licences. Last year, Flipkart received NBFC approval, while some large players still operate without one. Paytm, for instance, does not have an NBFC licence, and its payments bank unit, Paytm Payments Bank Limited, has faced regulatory action from the RBI, which effectively halted its operations in 2024 after restricting deposits and customer onboarding.
Financial snapshot: MobiKwik reported a turnaround in Q3 FY26, posting a consolidated profit of about Rs 40 crore compared to a loss of Rs 533 crore a year earlier, while revenue rose to around Rs 289 crore. Growth was driven largely by payments, with gross merchandise value (GMV) rising 63% year-on-year to over Rs 48,000 crore, led by UPI transactions.
Its lending business also showed signs of recovery, with around Rs 900 crore in personal loan disbursals during the quarter and strong growth in its ZIP EMI product. The company has been expanding its merchant base and focusing on cross-selling financial products to its existing users.
Commenting on the development, Upasana Taku, Executive Director, Co-founder & CFO, MobiKwik, said: “The NBFC application approval is a pivotal step in MobiKwik Group’s evolution into a scaled financial services platform.”
Founded in 2009, MobiKwik operates a digital wallet, UPI services, and a payment gateway and also distributes credit, investment, and savings products. As of December 2025, it held an 18% share of prepaid payment instrument (PPI) wallet transaction value in India, according to the company.
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